Binance and Coinbase CEOs lost some of their personal wealth in the wake of SEC indictments, Bloomberg said on June 6.
Execs won billions before the last loss
The US Securities and Exchange Commission sued Binance on June 5 and sued Coinbase on June 6, alleging both companies violated securities regulations.
Those events impacted the crypto market, company valuations, and more. Bloomberg said Binance CEO Changpeng Zhao saw his net worth fall by $1.4 billion to $26 billion in the two days following the indictment. It added that Coinbase CEO Brian Armstrong saw his net worth fall by $361 million to $2.2 billion.
Together, their personal losses amount to $1.761 billion.
Bloomberg also noted that every executive’s net worth increased before the latest downturn. The executives earned a total of $15.4 billion earlier this year, while Zhao’s wealth rose 117% and Armstrong’s 61%.
The data comes from Bloomberg’s own index
Bloomberg cited its own Billionaires Index as the source of its data.
Zhao’s estimate is based on his private holdings in Binance Holdings and Binance.US., though Bloomberg’s star ranking indicates it has little confidence in the estimate.
Brian Armstrong is not publicly listed on the Bloomberg index, but Bloomberg’s estimate is based at least in part on his share of Coinbase. Bloomberg said Armstrong owns 16% of the company’s stock, COIN. The stock is down as much as 15% today.
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